United States Pet Supplements Markets, 2017

Nov 12, 2023

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02 Jun, 2023, 06:15 ET

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DUBLIN, June 2, 2023 /PRNewswire/ -- The "US Pet Supplements Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.

The market outlook for pet supplements remains solid, with U.S. retail sales expected to reach $1.4 billion by 2027.

This report provides a detailed examination of how trends are playing out as marketers seek new ways to make supplements an integral part of pets' wellness routines.

Building on the analyses presented in previous editions of this report, this fully updated ninth edition covers historical and projected retail sales from 2017 through 2027, competitive strategies of key players, and trends in new product development including condition-specific formulations, life-stage-focused products, feline supplements, veterinarian-developed products, and carry-overs from the human supplements market, as well as retail channel trends.

Overriding concerns about pet health and wellness and the central part pets play in the household prompted pet owners to continue spending on pet supplements throughout 2022, driving the market to just over $1 billion, an 11% increase from 2021 and reflecting an 11% CAGR for 2017-2022.

The report provides an in-depth examination of the CBD market, following trends in regulation, consumer perceptions, new product development, and marketing. Featuring exclusive data from the analyst's Surveys of Pet Owners, the report details pet supplement purchasing trends as well as attitudes and demographic characteristics of both conventional and CBD pet supplement purchasers.

Although inflation accounts for much of this dollar advancement, and the growth rate has halved from 2020 and 2021, it remains well above the 4% and 5% rates seen pre-pandemic. Survey results from November 2022 show that nearly half of pet supplements purchasers spent more on supplements in the previous 12 months than in 2021, a positive sign amidst economic uncertainty.

Other factors favoring supplement purchasing include a growing reliance on calming/anxiety supplements, the expanding population of senior pets, and a shift towards science-based and veterinarian-formulated supplements.

Despite the favorable outlook, pet supplement marketers continue to compete with marketers of functional, condition-specific treats and foods as pet owners seek out ways to address their pets' nutritional needs in convenient and pet-pampering formats. Another long-term battle in the largely mature market is how to remain relevant by identifying and utilizing the latest, on-trend ingredients while assuring consumers of product safety and efficacy, and engendering more support among the veterinary community.

Key Topics Covered:

CHAPTER 1: EXECUTIVE SUMMARY

INTRODUCTION

THE MARKET

MARKETER AND RETAIL TRENDS

MARKETING AND NEW PRODUCT TRENDS

CONSUMER TRENDS

OPPORTUNITIES

CHAPTER 2: THE MARKET

CHAPTER HIGHLIGHTS

INTRODUCTION

MARKET SIZE AND COMPOSITION

MARKET OUTLOOK

PET SUPPLEMENT REGULATION

MARKET PROJECTION

CHAPTER 3: MARKETER AND RETAIL TRENDS

CHAPTER HIGHLIGHTS

COMPETITIVE OVERVIEW

RETAIL TRENDS

CHAPTER 4: MARKETING AND NEW PRODUCT TRENDS

CHAPTER HIGHLIGHTS

MARKETING AND NEW PRODUCT TRENDS

CHAPTER 5: CONSUMER TRENDS

CHAPTER HIGHLIGHTS

OVERVIEW OF PET SUPPLEMENT PURCHASING

CONSUMER PURCHASING, BUYING HABITS, AND ATTITUDES

DEMOGRAPHIC TRENDS

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/j1g13m

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SOURCE Research and Markets